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Zigzagkuy
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May 27, 2018, 07:11:26 AM |
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Because bitcoin is not regulated by the bank. And it's hard to know who its users are meaning bitcoin is anonymous. The government is also afraid that everyone in his country invests in bitcoins. Therefore the government does not recommend bitcoin for use in the country.
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"With e-currency based on cryptographic proof, without the need to
trust a third party middleman, money can be secure and transactions
effortless." -- Satoshi
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edwardnortonn
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Activity: 177
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May 27, 2018, 07:25:28 AM |
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The governments just have issues with the taxation of cryptocurrency, that's the main issue, the fact that its almost impossible to tax cryptos take away the chance to earn Income tax from the governments, something that they don't like, they have therefore come up with lots of other reasons a to why BTC shouldn't be used including the claim that Bitcoin fuels crime. THIS However doesn't apply to all Governments as there are some that have embraced crypto like Germany
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ethereumhunter
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May 27, 2018, 08:28:57 AM |
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it's because they cannot control digital currency which they don't create and they only can see what is happening with the digital currency. they need to learn from the digital currency but they cannot interfere the system to add something like they do so far and they are not ready to use digital currency unless they created their own digital currency and force the people to use their digital currency besides using bitcoin for the transaction.
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SingAlong
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May 27, 2018, 08:39:56 AM |
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Government are not getting any benefits on digital currency like bitcoin because it is decentralized and no one can control it. Governments wants to control the money flow and transaction in their country but the problem is bitcoin is decentralied that's why they hate it. They also afraid on this because it can use in illegal transaction that causes a big threat in the security of the country and citizens.
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reality18
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Earn more with Earn Network
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May 27, 2018, 09:45:14 AM |
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Yesterday I red article regarding digital currency. The article aim to discourage us in using digital currency as these currency is not recognize by our country monetary institution. What do you think is the reason why other governments are discouraging its citizen to use digital currency? Any thoughts.....
This is due to the principle with which these two parties(Bitcoin and the goverment) operate. The monetary institutions operate on a centralized mode whereas Bitcoin operates on a decentralized mode and these to modes oppose each other in the forms and features. Governments wish to own absolute control over the transaction of all monetary affairs but Bitcoin does not allow that. |
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paruru123
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May 27, 2018, 10:20:59 AM |
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The reason why government is not recomending tonuse digital currency sucu a bitcoin, because the government has own currency, and the goverment cannot control bitcoin.
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NotAtOld
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Activity: 200
Merit: 10
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May 27, 2018, 10:42:35 AM |
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For one simple reason that they have no control over this currency and that makes it prone to hacking and government can't track it. Although government is welcoming blockchain as technology in their systems, but accepting bitcoin seems a far fetched dream.
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rajkr
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May 27, 2018, 01:10:37 PM |
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Government does not have any regulation on it because of its decentralised nature.So the usage if crypto can not be controlled by government as well as it will have some negative impact on value of rupee.That's why government does not encourage it.
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Jcabudx
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Activity: 236
Merit: 39
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May 27, 2018, 08:36:17 PM |
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Government is not recommending digital currency to people because they don't even know where those money came from and they can't rule or govern bitcoin. They can't control bitcoin that is why they don't recommend to everybody even if it has a good impact to other people like for poor people who cannot invest in bitcoin.
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xadidos
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May 28, 2018, 09:19:40 AM |
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The government is definetly not happy when it comes to illegal actions that can be made through different cryptocurrencies like this ability to avoid paying taxes when you convert your regular money in crypto assets.
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Cutieh01
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Activity: 98
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May 28, 2018, 03:33:58 PM |
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The reason why government is not recomending tonuse digital currency sucu a bitcoin, because the government has own currency, and the goverment cannot control bitcoin.
The reasons why the government is against in using Bitcoin is because its volatility it's risky because it's not that stable and digital currency has a limited supply. Also it is decentralized with this government can't control Bitcoin also the Bitcoin holder doesn't pay any taxes since its a digital money. |
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ikipiye
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Activity: 108
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May 28, 2018, 08:51:46 PM |
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I think, to make the digital currency used by everyone there is still much to need, such as supporting infrastructure and so on. it will take a long time. and everyone should understand about the digital currency. this is not an easy thing.
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coinholic
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May 28, 2018, 09:19:01 PM |
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Yesterday I red article regarding digital currency. The article aim to discourage us in using digital currency as these currency is not recognize by our country monetary institution. What do you think is the reason why other governments are discouraging its citizen to use digital currency? Any thoughts.....
Because they won't be able to collect tax from you. The governments are always on the chase for people who are earning the big bucks. And Bitcoin generates a huge amount of money for its users. The governments get frustrated with the fact that they can't collect taxes from Bitcoin users because they have no control over this system. Which is why regulations are being made and implemented in some parts of the world. Governments are generally greedy. They want everything for themselves. |
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Sumo
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May 28, 2018, 09:36:59 PM |
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The government is still wary of bitcoin, as it has not yet been officially adopted by many countries of the world, and therefore its use cannot be legal.
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Pyr3x
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May 28, 2018, 09:59:59 PM |
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The government has not yet figured out how to regulate bitcoin so as to benefit from it. Therefore, they do not allow anyone to use it.
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princeyeboah
Member
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Activity: 714
Merit: 14
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May 28, 2018, 10:06:21 PM |
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Yesterday I red article regarding digital currency. The article aim to discourage us in using digital currency as these currency is not recognize by our country monetary institution. What do you think is the reason why other governments are discouraging its citizen to use digital currency? Any thoughts.....
Well, i will say it depends on your country of origin. Just as Bitcoin or the use of cryptocurrencies are banned in some countries like China, there are also countries like South Korea which accepts Bitcoin as medium of exchange. With countries like Canada, America, and UK, the governments are neutral about the usage of cryptocurrencies, hence citizens who see it deem fit can use it on the escrow and exchange markets. |
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Grayy
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Activity: 322
Merit: 12
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May 28, 2018, 10:19:10 PM |
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Recommending digital currencies like bitcoin will only "emasculate" the government because all governments are centralised while the digital currency system like bitcoin is decentralised. Decentralisation will make all the fiat currencies irrelevant and governments surely do not want that to happen.
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BennyK
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May 28, 2018, 10:29:16 PM |
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Recommending digital currencies like bitcoin will only "emasculate" the government because all governments are centralised while the digital currency system like bitcoin is decentralised. Decentralisation will make all the fiat currencies irrelevant and governments surely do not want that to happen.
You have a point. Decentralization and centralization are two opposing principles. Governments capitalizes on the centralized mode of operation and from that execute some level of autonomy over the finances of the people. The governments therefore see Bitcoin as a major disruptive factor to their power execution. |
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miyong
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May 28, 2018, 10:31:43 PM |
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The government will never do that, using bitcoin is very useful but they will not recommend it because of the law and they will not be able to control the digital currency.
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btcgainer24724
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May 28, 2018, 10:39:55 PM |
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Yesterday I red article regarding digital currency. The article aim to discourage us in using digital currency as these currency is not recognize by our country monetary institution. What do you think is the reason why other governments are discouraging its citizen to use digital currency? Any thoughts.....
Because goverment always think that crypto currency like Bitcoin is only made for illegal activity like buying drugs guns hidding money etc.On the other hand Bitcoin price is always violating.i think thats the main thing behind the senario  |
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